Just some of my musings on life, the faces of the graces and the fickle finger of the fates...

Wednesday, February 18, 2009

Playing by the rules

Sometimes playing by the rules sucks.

With all the talk and buzz about the stimulus package and deals for homeowners we were hoping that there was a way we can benefit. The BF being the tax and numbers guy that he is started crunching numbers and figuring out if we can benefit from a lower rate and the answer is…probably not Collectively we make too much, but I on my own may be able to qualify but as both of our names are on the mortgage we are thinking that it will make it null and void.

So because we saved. had very good credit, put a down payment, elected to have a traditional mortgage and bought a place that was lower than our pre-qualifying amount we get no benefits. We have a decent interest rate and have paid our mortgage on time and still have very good credit we don't qualify. Why because as the numbers point out, we live within our means, of course this does not take into account, student loans, car payments, and other debt.

Yes, we would like to have a lower interest which would result in a few hundred dollars a month thus preventing us from dipping into savings account too many times to count but we may not qualify because we played by the rules. So technically, we should have bought a place beyond our means, default on a few mortgage payments, made no or very little down payment and ruin our credit….then we would qualify

The full rules come out on March 4th so there may be a slim chance that we may be able to squeak by, But in the mean time we are going to send an email to our senator (the one who was voted in not the one who is now under a cloud of "we knew it, you liar" doubt)

4 comments:

Yeah, I get how that sucks for those who play by the rules. But, the stimulus package is much broader than just helping a slumping housing market. And I'm a firm believer that we all benefit when the collective whole is better off. So long as this stimulus package helps our country dig out of the mess Bush staged for us, I'm ok with not personally gaining a ton.

I agree, I think that collectively the stimulus plan will help each of us in one way or another. I am really hoping that it does stimulate spending and makes each of us accontable and wiser about the way we treat debt and money.

We were just hoping to benefit from the housing market to offset some costs and taxes.

But, I am quite fortunate to have a job, a roof over my head and food in my kitchen.

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Who am I...

A native NYer who now calls Chicago home. I am a 30ish professional, part time grad student and a woman. I love to travel, to paint to read, and to wonder. My family and friends are my world and they are all over the world. Still trying to make sense of it all the good, the bad, the pretty and the ulgy. Still a bit cynical and skeptical-my New York traits but hope, dreams and desires conqure all-at least that is what I keep telling myself.

Mantra for now.....

“Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma - which is living with the results of other people's thinking. Don't let the noise of other's opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” - Steve Jobs